Today's Information

Provided by: CMC Magnetics Corporation
SEQ_NO 2 Date of announcement 2022/01/14 Time of announcement 17:14:13
Subject 
 Announcement of capital loan and improvement
plan for others on behalf of the subsidiary.
Date of events 2022/01/14 To which item it meets paragraph 51
Statement 
1.Date of occurrence of the event:2022/01/14
2.Company name:CMC MOVIE CORPORATION
3.Relationship to the Company (please enter ��head office�� or
  ��subsidiaries��):subsidiaries
4.Reciprocal shareholding ratios:100%
5.Cause of occurrence:
In accordance with the Financial Supervisory Commission's letter
No.1100378549 dated December 30, 2021, the loan of funds made by CMC MOVIE
CORPORATION (referred as CMC MOVIE) to ASIA 1 Entertainment CO.,LTD
(referred as ASIA 1) in the amount of NT$49,000 thousand as of the end of
November 2021 has exceeded CMC MOVIE 's loan limit of NT$48,415 thousand to
single borrower. CMC MOVIE should formulate an improvement plan, announce
the implementation status each quarter, report to the board of directors
for control on a quarterly basis and report the implementation status at the
recent shareholders' meeting.
6.Countermeasures:
CMC MOVIE has filed a petition for a payment order against ASIA 1, and has
setaside all the funds as bad debts. CMC MOVIE will conduct an inventory of
property and seek compensation from ASIA 1 according to the payment order
to ensure the rights and interests of the relevant creditors.
7.Any other matters that need to be specified:
Both CMC MOVIE and ASIA 1 are subsidiaries owned more than 95% by CMC
Magnetics Corporation, hence no significant impact on financial statements.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

CMC Magnetics Corporation published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 09:21:08 UTC.